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  • The Sound of Stone: Income Statement For The Year Ended Decemeber 31, 2013

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    Wendy Janine Baluco
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    The Sound of Stone generated $4,411 in sales and $3,312 in expenses in 2013, resulting in $1,099 in net income. Owner Rock invested $10,000 initially and received $1,099 in net income, leaving total owner's equity of $10,499 as of December 31, 2013. The company had $11,879 in total assets, including $8,472 in cash, and $1,380 in total liabilities.

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    Drill 7-D1 FS

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    The Sound of Stone generated $4,411 in sales and $3,312 in expenses in 2013, resulting in $1,099 in net income. Owner Rock invested $10,000 initially and received $1,099 in net income, leaving total owner's equity of $10,499 as of December 31, 2013. The company had $11,879 in total assets, including $8,472 in cash, and $1,380 in total liabilities.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    154 views5 pages

    The Sound of Stone: Income Statement For The Year Ended Decemeber 31, 2013

    Uploaded by

    Wendy Janine Baluco
    The Sound of Stone generated $4,411 in sales and $3,312 in expenses in 2013, resulting in $1,099 in net income. Owner Rock invested $10,000 initially and received $1,099 in net income, leaving total owner's equity of $10,499 as of December 31, 2013. The company had $11,879 in total assets, including $8,472 in cash, and $1,380 in total liabilities.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    The Sound of Stone

    Income Statement
    For the Year Ended Decemeber 31, 2013

    Sales
    Less: Expenses
    Advertising Expense
    Insurance Expense
    Miscellaneous Expense
    Rent Expense
    Supplies Expense
    Utilities Expense
    Total Expenses

    Net Income

    4,411

    273
    100
    10
    250
    2,564
    115
    3,312

    1,099

    14

    9
    14
    37

    The Sound of Stone


    Statement of Owner's Equity
    For the Year Ended Decemeber 31, 2013

    Rock, Capital Beginning


    Add:
    Additional Investment
    Net Income
    Total
    Less:

    $
    1,099

    Drawings

    Total Owner's Equity

    Back to slide

    10,000
    1,099
    11,099
    600

    10,499

    The Sound of Stone


    Balance Sheet
    As of Decemeber 31, 2013

    Assets
    Current Assets:
    Cash
    Accounts Receivable
    Supplies Inventory
    Prepaid Insurance

    Total Assets

    8,472
    820
    1,487
    1,100

    11,879

    Liabilities
    Current Liabilities:
    Accounts Payable
    Total current liabilities

    1,380

    1,380

    Rock, Capital

    10,499

    Total Liabilities & Capital

    11,879

    Owner's Equity

    14
    36
    38
    37

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